The National Policy Committee of the South Korea National Assembly has authorized the initial phase of the virtual asset bill. The title of the respective bill is the Virtual Asset Investor Protection Act. The approval of the respective act has been carried out at the Legislative Review Subcommittee. The chief thing to the virtual asset legislation’s initial phase is the release of regulations focused on the protection of the consumers.
South Korea’s National Policy Committee of the National Assembly Authorizes the Virtual Asset Investor Protection Bill
A vote was conducted by the Political Affairs Committee of the National Assembly on the respective bill in the Bill Review Subcommittee. The initial stage of the virtual asset bill is the most important thing for announcing regulations related to unfair trade, and the protection of the user assets. Following that, the 2nd stage of the bill will be dealing with improving market order-related regulations. The respective regulations take into account the disclosure and issuance of virtual assets after the visibility of the international standards set for virtual assets.
At present, the issues like the Digital Asset Committee’s development and CBDC’s exclusion from the virtual-asset definition remain. Nonetheless, the vote on the bill was conducted as the disagreements got resolved. On the other hand, a few days back, Yoon Seok-yeol (the President of South Korea) announced a war on drug trafficking powered by cryptocurrency.
This statement is witnessed following the detainment of numerous narcotics-trading youngsters. Yoon reportedly stated that there was a requirement to mobilize the capabilities of the government to confront drug trafficking. On the 18th of April, Yoon appeared at a Presidential Office-based cabinet meeting in Seoul. On that occasion, he stated that such a broad distribution of drugs among teenagers is shocking.
As per him, teenagers are currently taking part in organizations dealing with the distribution and smuggling of drugs. He also commented on a recent event where police reportedly discovered evidence that up to “390,000 doses” were sold by a dealer through cryptocurrency, the dark web, and Telegram.
Prosecutors Indict Terra Co-Founder for Several Charges
Most recently, Daniel Shin (the co-founder of Terraform Labs) has been indicted by the South Korean prosecutors for multiple charges including trust infringement, illegal trading, and violation of laws related to capital markets. As per the reports, Shin had formerly rejected his engagement and asserted having exited the firm long before the collapse of the project.
